Obama Back-hands Stock Market into Last Year
1/21/09 — Chicago – Today may just be remembered as the day the President of the United States punched himself in the nose. Judging from Obama’s emotional decleration that: “If these folks want a fight, it’s a fight I’m ready to have”, it’s clear he’s in over his head.
Traders don’t fight; they trade.
One old currency hand in Sydney summed it up cleanly with: “It’s an Obamanation”…followed by the first round of many LOL’s.
Younger U.S. traders are leaning toward moving down-under, where they can start there day earlier and be in full swing by the time the sun rises over London, while the old salts are favoring a move the other way: Southern France, or Spain.
One thing that is crystal clear from the chart above is that Obama should stay in front of his teleprompter and stick to his script. Another thing he may be wise to remember when he looks in the mirror tomorrow to shave his young face is that money knows neither sleep nor emotion. A luxury shared by no man. The Treasury may be able to print cash, but the controls end there. And Presidents, unlike traders, are not in a positon to profit form unintended consequences or collateral damage. No man regardless of his positon has arms long enough to box with Mother Market.
If stocks recover from here it’ll be all but forgotten for everyone other than traders, reporters, republicans, and the White House basement traders who had to clean up the mess. If not, the ripple affect could be wicked. Stay tuned…
Jay Norris
www.trading-u.com
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